SunSirs: In Late November, the Market Price of Formic Acid Remained Stable with a Slight Increase

https://www.chemnet.com   Nov 27,2024 SunSirs

Price trend

According to the Commodity Market Analysis System of SunSirs, in late November, the domestic  85% formic acid market remained stable with an upward trend. As of November 25th, the average price of formic acid was 2,850 RMB/ton, an increase of 2.7% from 2,775 RMB/ton at the beginning of the month.

Analysis review

Raw material side: The raw material methanol was stable and stronger. Recently, some methanol enterprises have shut down their equipment for maintenance, and the Jiexiu Changsheng and Inner Mongolia Baofeng equipment have been put into operation; Maintenance of Inner Mongolia Yigao, Xianyang Petroleum, and Jiutai New Materials Equipment; Xintai Zhengda plant reduced production; Restoration of facilities in Shilin, Inner Mongolia and Xinye, Xinjiang. The loss exceeded the recovery, resulting in a decrease in capacity utilization. The favorable factors affecting the methanol supply side; In addition, some olefin plants still had plans to continue outsourcing methanol, and the supply and demand in the methanol market was still acceptable. Prices have been raised, but the increase was limited, which had limited support for formic acid.

Supply and demand side: Recently, the main manufacturers of formic acid had a high operating rate, and the market supply was loose. Formic acid downstream procurement was on demand, with average enthusiasm. Both supply and demand sides had no favorable support for formic acid.

Market outlook

According to data analysts from SunSirs, there was temporarily sufficient supply of formic acid in the market, limited terminal demand, and no favorable factors. It is expected that the formic acid market will continue to operate steadily at a low level, and specific trends still need to be monitored based on market information.

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